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THE MAIN POINT HERE IS THAT A NEW REALITY IS IN THE MAKING! HOW WE NAVIGATE THIS WITHOUT PRIDE WILL DETERMINE OUR FINANCIAL FUTURE! DOC IMOThunderhawk » August 23rd, 2016

LETS ROLL ! TIME TO MAKE THE DONUTS BOYS!

BACKDOC » August 23rd, 2016

I GUESS WE AREN'T THE ONLY ONES IN LOVE WITH EMERGING MARKETS! HEE HEE

TIME TO BE OVERWEIGHT! BAAA HAAA DOC IMO

Backdoc Alert

BlackRock upgrades outlook for emerging market stocks

BlackRock Inc (BLK.N) said on Monday it is upgrading its view on emerging market stocks, adding that the equities will continue thriving as central banks keep interest rates low.

Rates globally remaining "lower for longer" keeps the risk of the U.S. dollar rising slim, while increasing the likelihood of more rate cuts by emerging market central banks, Richard Turnill, global chief investment strategist for the world's largest asset manager, said in a note.

Meanwhile, investors have been pumping billions into funds tracking that market. Emerging-market stock funds in the United States took in $2.7 billion in the weekly period through Aug. 17, according to Thomson Reuters Lipper data, their seventh straight week reeling in cash.

"We see room for further inflows," said Turnill.

BlackRock had been reluctant to raise its forecast on stocks in countries such as China and India, keeping its view "neutral" on the market for the better part of this year even as it said pressures were easing on developing countries.

But Monday's note upgraded emerging market stocks to "overweight." That shows that BlackRock expects the equities to do well, in U.S. dollar terms, over the next three months.

Turnill said BlackRock prefers investments in "countries showing economic improvements or having clear reform catalysts," citing India and the "ASEAN" grouping of countries in Southeast Asia.

New York-based BlackRock has already been "overweight" emerging-market debt since July.

The government plans to unify the two-tier exchange rate for the US dollar to attract more foreign investment following the removal of anti-Tehran sanctions.

Earlier this month, Iran permitted commercial lenders to buy foreign currencies at market exchange rates rather than those set by the central bank.

Bloomberg quoted Akbar Komijani, a deputy governor of Central Bank of Iran (CBI), as saying on Sunday that the regulator will be "responsible for this market and will guide it".

It is widely believed that the move will lead to more cash entering the banking system instead of circulating through exchange houses.

Last month, Iranian President Hassan Rouhani underscored the need for Iran to move toward unification of exchange rates.

Later, CBI Governor Valiollah Seif, who had announced plans to adopt a single rate within months following the implementation of a lasting nuclear deal between Tehran and six world powers, said the policy would be in place by mid-March 2017.

Iran and the P5+1 (Russia, China, the US, Britain, France and Germany) reached the agreement on Iran's nuclear program on July 14, 2015 and started implementing it on January 16.

This autumn, UK's new Cabinet is aiming to introduce across-the-board fiscal stimulus in order to boost economic growth, business activity and job creation via tax breaks and infrastructure spending.

Chancellor of the Exchequer (the UK’s Finance Minister) Philip Hammond is poised to address the fiscal challenge facing the island nation as the post-Brexit budget surplus turned out to be almost half as much as expected in July. That said, an expansion in the taxable base could help the cabinet meet its longer-term fiscal goals, as a more obvious solution in the form of higher taxes could complicate growth prospects. Therefore, in order to boost business activity, entailing an across-the-board economic resurgence, which would ultimately yield higher tax revenues, lower corporate and income taxes are an urgent necessity.

“We have the option of a fiscal response, and we will do that on our normal timetable around the autumn statement,” Hammond said in July. To his mind, private sector performance figures “underscore the hit to confidence from the uncertainty that the referendum decision has created.”

Despite adding to the pressure on the budget, the idea of a higher level of infrastructure expenditures hardly meets any opposition on Downing Street. All this planning, however, has only become feasible after the cabinet largely abandoned its initial target of achieving a non-deficit yearly budget by 2020 in the light of the Bank of England’s (BOE) monetary policy insufficiency, ensuring a sustainably fast pace of economic expansion.

The Tory cabinet that had ruled since 2010 had been coherent in their effort to turn yearly budget deficits into surpluses by 2020, gradually narrowing the deficit gap over the past six years under PM David Cameron. However, Theresa May's new government, formed after Cameron resigned in the wake of the ‘Out’ vote in the Brexit referendum, is eyeing a ‘fiscal reset’. The plan is to boost economic growth while slowing the narrowing of the deficit gap for a year or two, in order to achieve a fiscal surplus later, on the heels of quicker economic growth.

According to data from the Office of National Statistics (ONS), corporate tax revenues collected in July were the strongest since 2011, at ‎£7.5 bln. Such dynamics allow for a decrease in corporate tax, and even though the British government has not yet directly hinted at such a possibility, the UK’s current competitors in the EU are wary of such steps, boosting Britain’s investment appeal and providing the Kingdom with an additional competitive edge, aside from the already-depreciated pound sterling.

“You hear about plans in the UK to, for example, lower corporate taxes considerably. If they, during this time, begin that kind of race, that will of course make discussions more difficult,” Swedish Prime Minister Stefan Loefven said.

Currently, corporate tax is 20% in the UK compared to Sweden’s 22%. Levels of taxation are typically higher in the EU, and the UK’s effort to boost its competitiveness via tax breaks could disinvest the European mainland.

Chancellor Hammond, however, said he will not reveal any particular fiscal planning until the Autumn Statement, to be delivered closer to yearend.

What the Exchequer could possibly do to immediately spur the economy from the current year-on-year growth rate of 2.2%, are: lower the taxes on the corporate sector, cut the value-added tax (VAT) to boost consumption (which drives some 79% of the UK’s GDP), introduce new tax deduction schemes, as well as expand the taxable base by considering less income taxable. On the expenditures end, the government will likely boost investment in infrastructure, as suggested by the shadow cabinet, resulting in new jobs and payrolls, ultimately driving expansion in the open market.

According to estimates provided by Capital Economics, the total volume of fiscal stimulus might reach £5 bln per year, while the budget deficit would be roughly 30% above the current projections by spring 2018.

Meanwhile, the BOE, who have already cut rates and expanded monetary stimulus for their part, are seemingly welcoming of the idea of full-scale fiscal stimulus.

“The bank is in a much more constrained position in a world where monetary policy is likely to be less effective,” Charles Bean, ex-deputy governor for monetary policy, said.A lower VAT, in turn, could boost consumer spending, pushing both inflation and economic growth higher. Currently at 20% since 2010, the VAT reduction could prove to be a costly measure in terms of the budget, yet efficient in terms of propelling broader growth. In 2008, a 2.5% VAT reduction was estimated at having cost the budget some ‎£12 bln per year.

Silk Road is an important bond between Iran and China for promoting cultural cooperation, said deputy minister of culture and Islamic guidance.

Speaking at the inauguration ceremony of Chinese Cultural Week at Tehran’s Niavaran Cultural Center, Ali Moradkhani added that Xinjiang Province in western China has close cooperation with Iran.

In view of its Persian speakers, the Chinese province can serve as the crossroads for international, cultural and economic cooperation between two countries, he noted.

He said the teaching of ‘Golestan’ and ‘Bustan’ ― two books by famous Iranian poet Sa’di ― in China is indicative of cultural ties between two nations.

Moradkhani pointed out that while Iran and China have had successful economic cooperation, less has been done in the cultural sector.

He hoped that the cultural week would help promote friendship between two countries.Also, the deputy head of Islamic Culture and Relations Organization said all-out ties between Iran and China would lead peace and friendship worldwide.

It is one of the important routes linking China, Central Asia, Persia, Western Asia and Europe. The network of trails was named ‘Silk Road’ after the precious Chinese named after a cloth that was originally the most valuable and abundant commodity transported through it.

Although historians traditionally date the origin of the Silk Road to the 2nd Century BCE, a trickle of goods — principally jades, bronzes and silks — were transported across Central Asia along that road as early as 1000 BCE.

Commerce prospered along the Silk Road until ocean-borne trade overtook the land route in the late 15th and early 16th centuries CE.

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